Transactions increase Royal Gold’s scale, diversification and potential for organic growth, and the strong balance sheet and cash flow of the combined company position Royal Gold to grow and invest in precious metals
DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today the closing of the previously announced acquisitions of Sandstorm Gold Ltd. (“Sandstorm” and the “Sandstorm Transaction”) and Horizon Copper Corp. (“Horizon” and the “Horizon Transaction”), which add significantly to Royal Gold’s world-class diversified portfolio of precious metal stream and royalty interests.

“These acquisitions fit our strategic goal of acquiring high-quality and long-life precious metals assets in mining-friendly jurisdictions, and I believe the addition of the Sandstorm and Horizon interests creates a global portfolio of precious metals interests that is unmatched in terms of diversification, development and organic growth potential, and exploration optionality,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Royal Gold has a 40+ year history of consistently executing a strategy of disciplined growth in gold, and with these transactions, we are firmly positioned as a leading North American precious metal streaming and royalty company with the balance sheet and liquidity to continue to grow and invest in precious metals. We look forward to demonstrating the strength of the combined company over the coming months as we integrate the Sandstorm and Horizon interests into the Royal Gold portfolio.”

Royal Gold issued approximately 18.6 million shares of common stock to Sandstorm shareholders to complete the Sandstorm Transaction, increasing its outstanding share count to approximately 84.4 million shares. Royal Gold maintains the lowest share count of all the companies represented in the GDX1.

Royal Gold drew $450 million on its $1.4 billion revolving credit facility in order to repay the outstanding debt assumed with the acquisition of Sandstorm and to fund the approximately $126 million in cash consideration paid to the shareholders of Horizon (excluding Sandstorm). As of October 20, 2025, Royal Gold has $1.225 billion drawn on the revolving credit facility, leaving $175 million undrawn and available. We estimate repayment of the outstanding borrowings could occur within two years assuming current metal prices and the absence of further business development related investments.

Next Steps
Sandstorm notified the Toronto Stock Exchange and the New York Stock Exchange of the completion of the acquisition and requested that the exchanges delist Sandstorm’s common shares, which common shares ceased trading on the exchanges prior to the opening of trading today. Royal Gold is in the process of applying for Sandstorm to cease to be a reporting issuer under applicable Canadian and United States securities laws and to otherwise terminate Sandstorm’s public reporting requirements.

Horizon notified the TSX Venture Exchange of the completion of the acquisition and requested that the TSX Venture Exchange delist Horizon’s common shares, which common shares ceased trading on the TSX Venture Exchange prior to the opening of trading today. Royal Gold is in the process of applying for Horizon to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate Horizon’s public reporting requirements.

1 GDX refers to the VanEck Gold Miners ETF, which seeks to replicate the performance of the MarketVector Global Gold Miners Index (MVGDXTR).

Corporate Profile

Royal Gold is a high-margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value and income investors with exposure to the metals and mining industry. The Company’s website is located at www.royalgold.com.

Forward-Looking Statements: This press release includes “forward-looking statements”

AND

-Horizon Copper Closes Arrangement with Royal Gold
Vancouver, BC — Horizon Copper Corp. (TSX-V: HCU, OTCQB: HNCUF) (“Horizon Copper”, “Horizon”, or the “Company”) is pleased to announce the completion of the previously announced plan of arrangement (the “Arrangement”) with Royal Gold, Inc. (“Royal Gold”) and International Royalty Corporation, a wholly-owned Canadian subsidiary of Royal Gold (“AcquireCo”), whereby Royal Gold indirectly through AcquireCo acquired all of the issued and outstanding Horizon shares (other than those held by Sandstorm Gold Ltd. (“Sandstorm”)) (the “Horizon Shares”) and through Horizon acquired all of the outstanding Horizon warrants (the “Horizon Warrants) (together the “Horizon Transaction”).

As previously announced, pursuant to the Arrangement, holders of Horizon Shares (“Shareholders”) are entitled to receive C$2.00 for each Horizon Share held and holders of Horizon Warrants (“Warrantholders”) are entitled to receive C$2.00 less the applicable exercise price, per underlying share, for the Horizon Warrants held (the “Consideration”).

The Company expects the Horizon Shares will be delisted from the TSX Venture Exchange effective at the close of business on Tuesday, October 21, 2025. Horizon will also apply to the Canadian securities regulators for the Company to cease to be a reporting issuer in the applicable jurisdictions.

For a more detailed description of the Arrangement, including regulatory matters and approvals, please see the Company’s Notice of Meeting and Management Information Circular dated September 8, 2025 (the “Circular”), available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Shareholders and Warrantholders are reminded to review the Circular in respect of the procedure for receiving the Consideration for their Horizon Shares and Horizon Warrants. Registered Shareholders and registered Warrantholders (Horizon Shares or Horizon Warrants held in physical form or a direct registration system (DRS) advice, as applicable) must complete, sign and return the applicable letter of transmittal (and in the case of Horizon Shares, also send their share certificate(s) or DRS advice(s)) to Computershare Investor Services Inc., the depositary for the Arrangement. Non-registered Shareholders and Warrantholders (Horizon Shares or Horizon Warrants held with a broker, bank or other intermediary) should contact their intermediaries for instructions and assistance in receiving the Consideration for such Horizon Shares or Horizon Warrants.

While the Canada Post strike is ongoing, registered Shareholders and Warrantholders who wish to deposit their letters of transmittal, Horizon Share certificates and other required documentation, as applicable, should use courier services or hand deliver such documentation to the depositary, Computershare Investor Services Inc., at 320 Bay Street, 14th Floor, Toronto, Ontario M5H 4A6.

If any Shareholder or Warrantholder has questions regarding the procedures for receiving the Consideration for their Horizon Shares or Horizon Warrants, as applicable, please contact Computershare Investor Services Inc., at 1-800-564-6253 (North America toll free) or 1-514-982-7555 (outside North America), or by email at corporateactions@computershare.com.

As part of the transaction, subscribers to Horizon's mailing list will be transferred to Royal Gold, Inc.’s mailing list, including their contact information. You may unsubscribe at any time by using the unsubscribe link provided or contacting Royal Gold’s privacy officer. See Royal Gold’s Privacy Policy for more details.
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